Page 7 -
P. 7

Vice President, Product Management: Donna Battista            Senior Production Manufacturing Controller, Global
Acquisitions Editor: Christina Masturzo                       Editions: Trudy Kimber
Editorial Assistant: Christine Mallon                         Team Lead, Program Management: Ashley Santora
Head of Learning Asset Acquisition, Global Editions:          Program Manager: Carolyn Philips
Laura Dent                                                    Team Lead, Project Management: Jeff Holcomb
Senior Acquisitions Editor, Global Editions: Sandhya Ghoshal  Project Manager: Liz Napolitano
Assistant Project Editor, Global Editions: Paromita Banerjee  Media Producer, Global Editions: Pallavi Pandit
Vice President, Marketing: Maggie Moylan                      Operations Specialist: Carol Melville
Director, Strategy and Marketing: Scott Dustan                Cover Designer: Jon Boylan
Manager, Field Marketing: Leigh Ann Sims                      Cover Art: © URRRA/Shutterstock
Product Marketing Manager: Alison Haskins                     Full-Service Project Management, Design, and Electronic
Executive Field Marketing Manager: Lori DeShazo               Composition: Cenveo® Publisher Services
Senior Strategic Marketing Manager: Erin Gardner

Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on
appropriate page within text.

Photo Credits: page 410 left: Henrik Montgomery/Pressens Bild/AP Photo; page 410 right: Paul Sakuma/AP Photo;
page 428 left: Courtesy of Allison Harris; page 428 right: Courtesy of Allison Harris; page 669 top left: John McCombe/AP Photo;
bottom left: New York University/AFP/Newscom; top right: Denise Applewhite/Princeton University/AP Photo; bottom right:
Courtesy of the University of Chicago/AP Photo.

Pearson Education Limited
Edinburgh Gate
Harlow
Essex CM20 2JE
England

and Associated Companies throughout the world

Visit us on the World Wide Web at:
www.pearsonglobaleditions.com

© Pearson Education Limited 2015

The rights of James H. Stock and Mark W. Watson to be identified as the author of this work have been asserted by him in
accordance with the Copyright, Designs and Patents Act 1988.

Authorized adaptation from the United States edition, entitled Introduction to Econometrics, Update, 3rd Edition, ISBN
978-0-13-348687-2 by James H. Stock and Mark W. Watson, published by Pearson Education © 2015.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form
or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission
of the publisher or a license permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency
Ltd, Saffron House, 6–10 Kirby Street, London EC1N 8TS.

All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest
in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply
any affiliation with or endorsement of this book by such owners.

ISBN 10: 1-292-07131-1
ISBN 13: 978-1-292-07131-2

British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library

10 9 8 7 6 5 4 3 2 1

Typeset in Minion Pro by Cenveo Publishing Services/Nesbitt
Printed and bound by Courier Westford in The United States of America
   2   3   4   5   6   7   8   9   10   11   12